Feasibility Study
An analysis that assesses the practicality and potential success of a proposed project or system. Crucial for determining the viability and planning of new initiatives.
7 topics found for:
“project viability”
Business Viability
The potential for a project or solution to be economically sustainable and profitable. Important for ensuring that design and development efforts align with business goals and market demands.
Technical Feasibility
The practicality of implementing a solution based on technical constraints and capabilities. Crucial for evaluating the viability of design and development projects.
Escalation of Commitment
A cognitive bias where individuals or organizations continue to invest in a failing project or decision due to the amount of resources already committed. Important for designers to recognize and mitigate their own risks of continuing unsuccessful initiatives.
Viability Risk
The risk that the product will not be financially or strategically sustainable for the business, potentially leading to a lack of support or profitability. Essential for ensuring that the product aligns with business goals and can be maintained and supported long-term.
PoC
Proof of Concept (PoC) is a demonstration, usually in the form of a prototype or pilot project, to verify that a concept or theory has practical potential. Crucial for validating ideas, demonstrating feasibility, and securing support for further development in product design and innovation processes.
Risk Management
The process of identifying, assessing, and mitigating potential threats that could impact the success of a digital product, including usability issues, technical failures, and user data security. Essential for maintaining product reliability, user satisfaction, and data protection, while minimizing the impact of potential design and development challenges.